Good Lord.
1. Can you imagine what your tax return would look like? Or what an audit would look like? If you think the IRS is scary now, wait until they have a mandate to examine your wealth in addition to your income.
2. Did you forget about Article I, Section 9, Clause 4? This is an unconstitutional direct tax. Good luck pushing through an amendment for this crap.
Excellent point. And imagine the incredible hassle in evaluating that wealth. That Picasso painting, what is it worth on today's market? And what about that rare coin? And what about that autographed cowboy hat once worn by Tom Mix?
Oh, my.
“Did you forget about Article I, Section 9, Clause 4? This is an unconstitutional direct tax.”
That clause probably was effectively nullified by Amendment XVI over a century ago.
“Its a tax on your past income.”
Someone else wrote that a short time ago.